Senior Asset Manager

Abode values safety, wellness, and respect for each other and for those who we serve. Because of this commitment Abode is mandating that all employees be vaccinated effective September 30, 2021. Everyone deserves a home.
Position Summary: The Senior Asset Manager is responsible for the development and implementation of strategies to preserve and enhance the value and condition of affordable real estate rental housing properties, as well as ensure that local, State, and Federal agency regulations and asset performance goals are met or exceeded. This person must have proactive communication skills with Internal Partners, including but not limited to, executive leadership, internal team leaders, property managers, accounting, resident services, and development team members. This person must possess a background in affordable housing property management, certifications, or equivalent experience to recommend strategies to preserve and manage affordable rental housing properties. This person must coordinate with Internal Partners on Budgeting & Financial Reporting; Operations Oversight; Acquisitions & New Construction Support; Capital Improvements & Reserve Draw Administration; Relationship Management; Year 15 Buyout Planning; and Operating Policies, Procedures, and Staff Training.
As part of the Asset Management team, the person in this position must be a leader committed to excellence and growth, as Abode is a dynamic agency continually changing to meet the needs of those we serve. This position will assist Abode in accomplishing our mission to end homelessness.
Abode's Benefits and Perks

• $105,000- $123,000 yearly
• 100% paid health, vision, and dental options
• 19 PTO days & 12 Holidays per year
• Voluntary benefits: FSA, EAP, Commuter Checks, Life Insurance, Legal, and more
• 3% retirement match/contribution
• Professional Development Trainings and Opportunities, Leadership Academy Programs, and All Staff Events
• Dynamic, mission-driven culture and supportive leadership. We support you in supporting others

How you make an impact:
1. Business Planning & Financial Reporting (~25%)

• Business Planning: Developing an Asset Management Business Plan and review changes to the Business Plan periodically. Set up asset management systems, compliance charts, document binders and financial oversight systems for the oversight of the portfolio.
• Budgeting: Benchmark property operating including, but not limited to, net operating income, gross revenue, operating expenses, investment projections, return of investment, cash flow and distribution analysis.
• Forecasting & Benchmarking: Evaluation of market trends, forecasting cash flow and benchmarking these trends against the portfolio.
  Variance Analysis: Oversee the collaborative efforts with the Accounting and Property Management teams to analyze variances in operating performance against industry benchmarks. Develops and presents solutions to structural deficits and disposition of annual surplus/deficits.
• Reporting: Review and oversight of periodic investor reporting, distributions and monitoring of cash and reserve utilization.
  Document Management: Organize and file ownership, loan, and regulatory agreement amendments and periodic reporting sent to investors and other reporting agencies in a timely manner.

2. Operations Oversight (~10%)

• Program Compliance: Ensure continuing program compliance with all LIHTC and other regulatory guidelines at all times. Where deficiencies are identified, works directly with appropriate parties to timely resolve issues.
• Portfolio Performance: Review of internal and external Property Management performance, assignment of risk-ratings and preparation of watch-list report narratives. Including the identification and analysis of under-performing assets and the preparation of proactive operational work-out strategies working closely with Property Management teams.
• Site Inspections: Complete property physical inspections as part of monitoring physical condition, management execution, property capital needs and physical risk management.

3. Acquisitions, New Construction, Financing & Design Review Support (~25%)

• Acquisitions: Review budget and proposed impacts to staffing plan and operating expenses for property acquisitions.
• New Construction: Communicate and follow-up on expectations with other cross-functional teams that include the evaluation of properties for development, property management, lease-up, construction management, risk management, welfare exemption filings, and accounting in the creation of an Asset Management Business Plan.
• Financing: Lead in loan restructuring requests with support from the Development and Accounting Teams.
• Design Review: Participate in design development plans with Development, Property Management, and Resident Services.

4. Capital Improvements & Reserve Draws Administration (~5%)

• Capital Improvements: Establish long-term capital needs plans and preventative maintenance plans with Property Management teams.
• Reserve Draws Administration: Coordinate with Regional Facilities Manager and Property and Asset Supervisor and Accounting teams on pre-approvals for budgeted long-term capital plan improvements.

5. Relationship Management (~10%)

• External Partner Engagement: Build relationships with local partners including City and County staff, lenders, investors, and the general public in a professional manner.
• Internal Partner Engagement: Develop positive working relationships with Internal Partners from other teams through collaboration, proactive communication, and empathy.

6. Year 15 Buyout Planning (~10%)

• Low-Income Housing Tax Credits: Deliver low-income housing tax credits to limited partner investors, repay any deferred developer fees, and plan for the exit of investor limited partners for low-income housing tax credit assets at Year 15.
• Tax Capital Accounts: Monitor changes in general partner and investor limited partner tax capital accounts for potential exit taxes and cash distribution at dissolution of the limited partnership.
• Purchase Option/ROFR: Review legal agreements, understand rights with those agreements in consultation with third-party consultants or legal counsel to purchase the limited partner interests or property from investors within the purchase option or right of first refusal (ROFR) period

7. Insurance Management and Procurement (~5%)

• Claims Management: Coordinate oversight and tracking of new and open insurance claims, lawsuits, and track outcomes for investor, lender and executive leadership review.
• Procurement: Partner with Finance and Accounting team to share changes in the affordable rental housing real estate portfolio (REO Schedule) to maximize insurance value for Abode.
• Warranties: Monitor warranties and track construction defects prior to their expiration with Property and Facility Managers.

8. Welfare Tax Exemption (~5%)

• Initial and Annual Welfare Tax Exemption: Ensure application submission with local County Assessors to initiate and maintain welfare tax exemptions on qualified Portfolio Assets and their respective ownership entities.
• BOE OCC & SCC Applications: Complete and file OCC/SCC application for existing properties with the CA BOE.

9. Operating Policies, Procedures, and Staff Training (~5%)

• Operating Policies and Procedures: Propose new operating policies and procedures to Directors and Executives.
• Staff Supervision & Training: Oversee, supervise, and ensure training of assistant and associate Asset Managers. Attend training and education classes to maintain current knowledge on Asset Management best practices through industry training sessions and annual conferences, as needed.
• Other duties as assigned

How you meet qualifications:

• Minimum of five (5) years of professional experience in multi-family compliance and/or multi-family real estate asset management, property management, finance, or related field; OR, three to five years of experience working with a developer specializing in tax credit properties.
• Undergraduate degree or equivalent industry certifications.
• Must possess a valid California Driver's License and insurance coverage.
• Ability to utilize spreadsheet tools and word processing for analyzing and communicating information.
• Supervisory experience with strong skills in program development and policy and procedures.
• Strong organizational, detail orientated, and time management skills.
• Proven ability to work independently, effectively as an individual and part of the team.
• Ability to meet the geographic range of the position. Position requires frequent travel throughout Napa, San Francisco, and Sonoma. Geographic regions may change but will be in the SF Bay Area.
• Strong ability to represent the interests of the agency, interact effectively with a diverse population, and be comfortable building successful collaborative relationships with tenants, staff, and with community and resource building.
• Strong understanding and belief in Housing First Philosophies.

Equal Opportunity Employer/Drug Free Workplace
Notice: This description is to be used as a guide only. It does not constitute a contract, commitment or promise of any kind. We reserve the right to change, add, delete, upgrade or downgrade the position as dictated by business necessity at any time with or without notice.